Swedbank AB Buys 422,830 Shares of The PNC Financial Services Group, Inc $PNC

Key Points

• Swedbank AB boosted its stake in PNC by 189.6% in Q4, buying 422,830 shares to reach 645,848 shares (about 0.16% of the company) valued at roughly $134.8 million.
• Company insiders sold a total of 64,186 shares in the past three months — including CEO William Demchak's sale of 50,000 shares for $11.544 million — leaving insiders with about 0.38% ownership.
• PNC beat EPS estimates with $4.32 for the quarter and reported revenue up 13.1% year‑over‑year (slightly below consensus), and it declared a quarterly dividend of $1.70 (a 3.1% yield).

Swedbank AB lifted its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 189.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 645,848 shares of the financial services provider's stock after purchasing an additional 422,830 shares during the period. Swedbank AB owned 0.16% of The PNC Financial Services Group worth $134,808,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the stock. YANKCOM Partnership boosted its position in The PNC Financial Services Group by 1.8% in the 4th quarter. YANKCOM Partnership now owns 2,583 shares of the financial services provider's stock valued at $539,000 after buying an additional 46 shares during the last quarter. Westfuller Advisors LLC raised its position in shares of The PNC Financial Services Group by 26.9% during the fourth quarter. Westfuller Advisors LLC now owns 217 shares of the financial services provider's stock worth $45,000 after acquiring an additional 46 shares during the last quarter. Almanack Investment Partners LLC. lifted its stake in shares of The PNC Financial Services Group by 2.2% during the fourth quarter. Almanack Investment Partners LLC. now owns 2,349 shares of the financial services provider's stock valued at $490,000 after acquiring an additional 50 shares during the period. North Star Investment Management Corp. lifted its stake in shares of The PNC Financial Services Group by 1.1% during the fourth quarter. North Star Investment Management Corp. now owns 4,784 shares of the financial services provider's stock valued at $999,000 after acquiring an additional 50 shares during the period. Finally, PUREfi Wealth LLC boosted its holdings in The PNC Financial Services Group by 2.4% in the fourth quarter. PUREfi Wealth LLC now owns 2,305 shares of the financial services provider's stock valued at $481,000 after acquiring an additional 53 shares during the last quarter. Institutional investors own 83.53% of the company's stock.

Insider Activity

In other news, EVP Louis Robert Cestello sold 4,279 shares of the business's stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $234.01, for a total value of $1,001,328.79. Following the completion of the transaction, the executive vice president owned 18,867 shares of the company's stock, valued at $4,415,066.67. The trade was a 18.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William S. Demchak sold 50,000 shares of the company's stock in a transaction on Friday, February 20th. The shares were sold at an average price of $230.88, for a total transaction of $11,544,000.00. Following the completion of the sale, the chief executive officer owned 554,274 shares of the company's stock, valued at approximately $127,970,781.12. This represents a 8.27% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 64,186 shares of company stock worth $14,840,973 over the last three months. Company insiders own 0.38% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on PNC shares. TD Cowen boosted their price objective on The PNC Financial Services Group from $250.00 to $260.00 and gave the stock a "buy" rating in a report on Tuesday, January 20th. Barclays lifted their price target on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the stock an "overweight" rating in a research report on Thursday, April 16th. Royal Bank Of Canada reissued an "outperform" rating and set a $235.00 price target on shares of The PNC Financial Services Group in a research note on Wednesday, April 15th. Jefferies Financial Group assumed coverage on shares of The PNC Financial Services Group in a research note on Thursday, March 26th. They issued a "buy" rating and a $250.00 price objective on the stock. Finally, Bank of America lifted their target price on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $241.72.

The PNC Financial Services Group Trading Up 0.4%

NYSE:PNC opened at $222.57 on Thursday. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.00. The PNC Financial Services Group, Inc has a 1-year low of $163.31 and a 1-year high of $243.94. The firm has a market capitalization of $89.78 billion, a price-to-earnings ratio of 12.93, a PEG ratio of 0.92 and a beta of 0.94. The business's 50-day moving average price is $213.73 and its two-hundred day moving average price is $209.16.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.92 by $0.40. The company had revenue of $6.17 billion during the quarter, compared to analyst estimates of $6.21 billion. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The company's revenue for the quarter was up 13.1% compared to the same quarter last year. During the same period in the previous year, the company earned $3.51 EPS. On average, equities analysts expect that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were issued a dividend of $1.70 per share. The ex-dividend date was Tuesday, April 14th. This represents a $6.80 dividend on an annualized basis and a yield of 3.1%. The PNC Financial Services Group's payout ratio is currently 39.51%.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC's core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.

Want to see what other hedge funds are holding PNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The PNC Financial Services Group, Inc (NYSE:PNC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.